TotalEnergies has acquired a 49% interest in natural gas producing assets in Oklahoma's Anadarko Basin from Continental Resources, significantly boosting its U.S. gas production and integration across the global LNG value chain.
Global energy major TotalEnergies is making a substantial push to further integrate its liquefied natural gas (LNG) value chain in the United States, following the announcement of a deal to acquire a 49% stake in key natural gas producing assets within the Anadarko Basin in Oklahoma. The agreement, signed with Continental Resources, a recognized operator in the region, is set to significantly increase TotalEnergies' access to competitive, long-term gas supplies.
TotalEnergies projects that the assets have the potential to reach a substantial gross production of approximately 350 million standard cubic feet per day (MMscfd) by 2030, a level they expect to sustain over the long term. This acquisition is poised to secure a net gas production of around 150 MMscfd for TotalEnergies, adding a significant volume to its current U.S. portfolio, which includes technical production of around 500 MMscfd in the Barnett Basin.
The newly acquired assets, which will be non-operated by TotalEnergies, are described as "low-cost and long-plateau," suggesting a stable and economically attractive source of production. Critically, these assets are already well-connected to the Henry Hub, the major natural gas pricing and delivery point in North America, via existing midstream infrastructure. This connectivity is a strategic advantage, streamlining the pathway for the gas to be converted into LNG for export.
This move follows TotalEnergies' previous strategic acquisitions in the U.S., specifically the Dorado and Constellation deals completed in 2024 in the Eagle Ford Basin, illustrating a clear pattern of bolstering its presence in core American shale gas plays.
Nicolas Terraz, President, Exploration & Production at TotalEnergies, commented on the strategic importance of the deal: “This acquisition will further increase our natural gas production in the United States and consolidate TotalEnergies’ integrated LNG position with a competitive low-cost and low-emission gas production.” He also expressed enthusiasm for the new partnership, noting, “We are delighted to partner with Continental Resources, a reference operator in the Anadarko Basin, recognized for its strong technical expertise and operational excellence.”
The deal aligns perfectly with TotalEnergies' ambitious corporate strategy. As the world’s third-largest LNG player, with a global portfolio of 40 million tonnes per year (Mt/y) in 2024, the company is focused on increasing the share of natural gas in its sales mix to nearly 50% by 2030. This push for gas is part of a broader commitment to reducing carbon emissions and eliminating methane emissions across its value chain, promoting natural gas as a transition fuel to displace coal.
